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payment shall be first applied to the unpaid interest
and then to the. principal sum. The privilege of
prepayment of any sum of principal is hereby granted
without penalty. The escrow provision of $29.16, shall
be forwarded directly to First Federal Savings and Loan
Association of Fort Pierce, Florida, the mortgagee
who shall pay the taxes and insurance under the terms
of its first mortgage. The escrow amout called for ~
to be paid~in the amount of $29.16, may be increased
or decreased from time to time depending on the cost
of taxes and insurance with regard to the subject
property. The escrow provision of this Agreement
_ shall be controlled by the provisions of the first
mortgage held by First Federal Savings and Loan
Association of Fort Pierce, Florida.
The party of the second part shall pay the above-mentioned
payments as required by this Agreement, not including the initial E
payments of $2,500.00 and $4,600.00, directly to the appropriate
mortgagee to be applied as set forth herein first to accrued interes t
and then to the principal sum.
AND the party of the second part hereby further covenants
and agrees to pay promptly when due the prinicpal and interest and
other sums of money provided for in this Agreement; to pay all and
singular the taxes, assessments, levies, .liabilities, obligations,
and encumbrances of every naturc on said property; to permit, commit
or suffer no waste, impairment or deterioration of the said land or
the improvements thereon at any time; to keep the buildings now or
hereafter on said land fully insured in a sum not less than the amount
remaining from time to time unpaid in a company or companies acceptable
t
to the party of the first part, the policy or policies to be held by ~
the party of the first part_and to be payable to the pa-sties of the
first part and the-party of the second part, jointly,~~and in the event
any sum of money becomes payable by vituue of such insurance, said
money shall be applied to the indebtedness hereby secured, accounting
to the party of the second part for any surplus, to pay•all costs,
charges and expenses.
•In the event the party of the second part fails to pay when
due any tax, assessment, insurance premium, mortgage payment or other
sum of money payable by virtue of this Agreement, the party of the
first part may pay the same, without waiving or affecting the option to
a0~328 PEE 5~'3
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